Australian banks hike provisions
ANZ and NAB reveal substantial US mortgage-related writedowns
Australian bank writedowns escalated dramatically, as two of the county's biggest banks, National Australia Bank (NAB) and ANZ Bank, unveiled large-scale impairments in the value of structured investment vehicles.
NAB, the nation's top lender, said it had booked A$830 million ($798 million) in losses from its exposure to US mortgage-backed securities on July 25. This was well above market
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